Dubai gold market & India's main festival.
United Arab Emirates, Business, 9/13/1997

As Indian importers look to secure supplies for the country's main festival and wedding season, traders expect a subdued gold market in Dubai to pick up next month, Arab Emirate traders said.

Trade was slow because of holiday rumors in India. As these die down, "We expect to see some renewed demand," said one trader there.

Traders said reports of an imminent relaxation of Indian gold imports had hit Dubai gold trade in the past week.

Earlier this month, traders said they expected the government to relax gold imports as part of economic reforms, but they said this could take some time.

"Last week's gloomy picture will change and September onwards marks the start of festivals in India," he said. India's gold imports usually rise during it's main festival and wedding season which begins in September after the monsoon.

Dubai is the main source of gold imported to India.

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